Fidelity Slows Private Tech Deals

Fidelity Investments made fewer private tech investments this year in part because it couldn’t agree with companies over the level of their valuations, according to Andy Boyd, Fidelity’s head of global equity capital markets.

Fidelity had sought to invest at lower valuations that companies would not accept, Mr. Boyd told The Information in an interview this week. He was commenting on data from PitchBook, prepared for The Information, showing a 77% drop-off in overall mutual fund investments in private tech in the second half of this year, after a big increase in the second quarter. (See above chart.)